UPDATE 1-ABB confirms profit goals for robotics division [Reuters]
ABB Ltd (ABB)
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Source: Reuters
ABB confirms profit goals for robotics division ZURICH (Reuters) - ABB’s ( ABBN.S ) robotics division is “well placed” to increase sales by broadening its business beyond the struggling automotive sector, the Swiss engineering company said on Thursday, confirming its profitability goal. ABB expects its robotics and discrete automation business, which competes with Germany’s Kuka ( KU2G.DE ) and Japan’s FANUC ( 6954.T ), to increase sales above the anticipated market growth of 6% in the coming years, it said at an investor event. It also confirmed its intention to reach its operating profit margin target to 13% to 17% over the next three to five years, through productivity improvements and better execution of projects. “With our strong position in key markets across three continents and innovation focus, we expect to deliver above-market growth,” said Samit Atiya, president of the business in a statement. “At the same time, our initiatives to improve profitability should enable u
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